Eight companies, or their subsidiaries, received the maximum $10 million possible, including a California software company that settled a Securities and Exchange Commission investigation late last year into accounting errors that overstated its revenue.
President Donald Trump, asked Monday whether the criteria for who can receive loans should change, said that “we’ll look at individual things and some people will have to return it if we think it’s inappropriate.” He added that the loans are supposed to be awarded, in part, by “what we think is right.”The AP analysis comes as lawmakers from both political parties negotiatethat in large part would replenish the Paycheck Protection Program with more than $300 billion.
In an emailed statement Monday, the company said: “The livelihood of our U.S. employees and their families would be severely disrupted if they were to lose their jobs or be furloughed. We are doing everything we can to support them.” By design, the Paycheck Protection Program was meant to get money out quickly to as many small businesses as possible, using a formula based in part on workforce and payroll size. Some of the eligibility criteria was expanded making it possible for some businesses with more than 500 employees to qualify if, for example, they met certain size standards for their industries or other conditions.
Five of the companies that the AP identified were previously under investigation by financial and other regulators, including firms that paid penalties to resolve allegations, records show. Marrone Bio Innovations, a biopesticide company in Davis, California, that has about 50 workers, similarly agreed to pay $1.8 million in 2016 after the SEC alleged its chief operating officer had inflated financial results to hit projections that it would double revenues during its first year as a public company. Marrone received a loan worth $1.7 million.
One was Helius Medical Technologies, a company located near Philadelphia that develops technology to help injured brains heal themselves.The company has 19 employees and received a $323,000 loan amid a tough stretch. Its most recent annual report warned, “We may be unable to continue to operate without the threat of liquidation for the foreseeable future” and did not expect to have enough cash to go beyond May.
Another company that was facing financial doubts before the virus was Enservco Corp., a Denver-based oil and gas firm. In its annual report filed last month, the company said: “We do not generate adequate revenue to fund our current operations, and we incurred significant net operating losses during the years ended December 31, 2019, and 2018, which raise substantial doubt about our ability to continue as a going concern.
Mean while those forced out of work are still waiting for unemployment after 6 weeks.
Shocked am I.
And will all be summoned to return the money if they don’t meet the criteria.
This was addressed at the daily briefing, Trump will be pursuing reversing these loans which shouldn't have happened.
This is governmental criminal negligence, or collusion. Who is responsible for this? People that really need this money got screwed under Trumps watch, I am one of themcnnbrk NPR NewsHour nytimes washingtonpost maddow latimes ocregister USATODAY business RollingStone
All part of the plan.
That’s it! I’m not going to Harvard!
Absolutely despicable
Email your Senator: Concerning the distribution of the Small Business Assistance funds it’s time to play The Shame Game.
This is exactly why we needed ethical and competent oversight and while there were provisions for an oversight committee in the bill, Trump and his *administration* are ignoring that requirement.
Everyone loves Socialism now!!! RuthsChris realDonaldTrump SenRickScott marcorubio RepMattGaetz GovRonDeSantis senatemajldr SenateGOP RandPaul TheDailyShow
Every one of them should be forced to return the money and egrious offenders like RuthsChris should be heavily fined.
So what
to be fair, thats .1% of the total amount of PPP funds
Next they will get debt forgiveness, while the real small businesses foot the bill.
Scumbags
Congress passed legislation u cld drive a truck convoy through. PPP Nothing really changes in new legislation other than earmarking addl $60B for community banks. Leaves $300B which can still go to publically traded co’s w/up to 500 employees even if they’re buying back stock.
nwarikoo We need the names of these companies so that once we were allowed out of our houses again we know where not to go.
Nice work firing the inspector general for this whole bailout realDonaldTrump. TrumpIsALaughingStock
Plainly foreseeable, and should've been prevented. If Congress really wanted to help [small] businesses, its stimulus bill could've been more specific; to give the smallest businesses priority.
Because we have a transnational crime syndicate masquerading as a government.
They better give it back or the government will force him to. Just a suggestion.
Hahaha are you not getting the clicks you want? You posted this 3 times today.
Corporations are ppl and just as greedy and will find away to game the system...
Disgusting
No oversight + a-holes = screw the Small Businesses, let's have Fun with their $$. People are disgusting
HOW? So all this money was gobbled up by conglomerates before any SMALL businesses got a look in? This is a huge scandal and the biggest argument for oversight that I have seen. They are like corporate raiders.
List all these companies so that consumers can boycott them for life, if they don't stop from taking this money!
Any publicly traded companies should be PREVENTED from receiving ANY SMALL BUSINESS funds.
Let’s not plan basic rules & regulations first. Stupidrollout
That’s why he removed oversight.
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They must give it back Now!
SenWarren O V E R S I G H T and ACCOUNTABILITY or the greed f’s and cronies will get it again!
This will end up being the largest give away to the wealthy in history while sending the rest into poverty.
Wait, a govt-passed stimulus bill with special interests receiving benefits? Color me shocked. Happened in 2009 as well. Sad reality.
21nfreedman
Absolutely criminal. If my business goes under I'll know who to blame.
Why did they not just add publicly traded companies are not eligible to the bill?
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